Market pressure increased on Friday as cryptocurrencies fell sharply, pushing bitcoin below $94,000 for the first time in six months. The drop sparked further concern in trading circles, where rumors swirled that Michael Saylor's company, Strategy, was unloading some of its massive bitcoin holdings. However, Saylor quickly stepped in to deny these claims, confirming that Strategy had not sold any BTC and had in fact increased its position during the week.
In brief
- Bitcoin fell below $94,000, sparking sell-off rumors, but Saylor confirmed that Strategy added BTC during the market plunge.
- Arkham clarified that the large BTC transfers were routine custodian changes, not signs of selling by Strategy.
- Strategy now holds 641,692 BTC worth nearly $62 billion, backed by its latest preference-funded purchase of 487 BTC.
- Analyst Willy Woo says Strategy remains financially strong, with liquidation risk much lower than current BTC prices.
Falling prices become a buying opportunity for Strategy, Saylor tells CNBC
False reports began circulating early from small accounts with low credibility, but gained momentum when larger profiles on X with large numbers of followers re-shared them. This momentum fueled rapid speculation, although many longtime observers remained confident that Strategy would not deviate from its long-standing accumulation pattern.
Saylor responded on X and then in an interview with CNBC, dismissing the rumors. He explained that Strategy actually took advantage of the week's price decline to increase its holdings and noted that sharp swings are typical for a risky asset like bitcoin.
Anyone looking for long-term exposure, he said, should expect sudden declines while keeping the focus on multi-year cycles, where bitcoin has repeatedly outperformed more traditional investments. He also claimed that Strategy is not under any conditions that would force it to sell its BTC reserves. Even an 80% decline, he added, would not put the company under pressure to reduce its position.
Arkham rejects sell-off claims after large BTC transfers revealed
As of its scheduled update Monday, Strategy's known holdings remain at 641,692 BTC, worth nearly $62 billion. A filing earlier this month confirmed the company's latest purchase:
- Added 487 BTC between November 3 and 9.
- Spent $49.9 million during the period.
- Average entry price at $102,557.
- Increase in total holdings to 641,692 BTC.
- Financing of the transaction with preferred shares, avoiding dilution.
The rumors gained momentum when some users claimed that Arkham Intelligence reported that Strategy was selling. Arkham quickly denied this interpretation and explained theon-chain activity behind the confusion. The company said Strategy transferred 43,415 BTC from Coinbase Custody to more than 100 new addresses as part of a routine custodian change – not a sale.
Arkham added that Strategy often rotates its wallets and custodians, and the transactions seen on Friday were simply part of this ongoing process. No signs of market selling appeared in the data.
On-chain analyst Willy Woo had already weighed in with his own analysis of Strategy's balance sheet and debt profile. According to him, the company remains in a strong position, even if the market declines. Woo puts Strategy's main liquidation level near $91,502 per BTC, which is below current market levels, and he estimates that the company's 641,205 BTC stack is now valued at around $64 billion.
Woo also touched on a longer-term factor, noting that Strategy could face the risk of a partial liquidation around 2028 if bitcoin does not rise enough to offset future debt cycles. Nonetheless, he said the company is still far from any stress point yet, and its pace of accumulation continues steadily.
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